{"id":95916,"date":"2024-09-18T00:00:00","date_gmt":"2024-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ajban-solar-project-reaches-financial-close\/"},"modified":"2024-09-18T00:00:00","modified_gmt":"2024-09-18T00:00:00","slug":"ajban-solar-project-reaches-financial-close","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/18\/ajban-solar-project-reaches-financial-close\/","title":{"rendered":"Ajban solar project reaches financial close"},"content":{"rendered":"

UAE\u2019s Al Ajban 1.5 GW solar project reaches financial close:<\/strong> Korea Western Power (Kowepo), France\u2019s EDF Renewables, and Masdar have reached financial close on the 1.5 GW Al Ajban solar project in Abu Dhabi, according to a statement<\/a>. <\/p>\n

Who kicked in financing?<\/strong> BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation, and the Export-Import Bank of Korea (Korea Eximbank) all contributed financing to the project, the statement notes. <\/p>\n

Who owns what:<\/strong> The consortium inked a 30 year power purchase agreement<\/a> with the Emirates Water and Electricity Company (Ewec) in April to design, finance, build and operate the plant. EDF Renewables and Kowepo will hold a 20% stake each and Masdar will hold the remaining 60% stake, the statement notes. Ewec will offtake all the renewable energy generated.<\/p>\n

REMEMBER- <\/strong>Ewec had selected the consortium in February<\/a> and awarded it development rights for the project, with Masdar serving as the local shareholder. PowerChina Huadong Engineering Corporation then secured an engineering, procurement, and construction (EPC) contract<\/a> for the solar power plant in July. <\/p>\n

Background:<\/strong> The project, once fully commissioned in 3Q 2026, will be one of the world\u2019s largest single-site solar power plants, with some 3 mn solar panels, capable of generating power for 160k homes across the UAE. The plant is expected to slash 2.4 mn tons of CO2 per year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The plant is one of the world\u2019s largest single-site solar power plants<\/p>\n","protected":false},"author":1,"featured_media":95917,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1604],"tags":[1360,1825,143,7,211],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-abu-dhabi","tag-ajban","tag-energy","tag-enterpriseam-uae","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"ce0162ff-5a85-460f-9f0d-e812de233ed1","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1371.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ajban solar project reaches financial close","related_issue":[95904],"teaser":"The plant is one of the world\u2019s largest single-site solar power plants","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.56f09187-369a-4374-9399-8d4aac5ee3e0.mp3"},"yoast_head":"\nAjban solar project reaches financial close - 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